Comments on: Poll: What Will be the Status of Social Security When You Retire? http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/ Helping a unique generation achieve financial independence. Fri, 20 Nov 2009 23:09:41 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: 7gangknodat http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-123092 7gangknodat Fri, 20 Nov 2009 14:40:03 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-123092 7 gang ncc wush poppin blood blatttttttttttttttt 7 gang ncc wush poppin blood blatttttttttttttttt

]]> By: shayraye http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-123091 shayraye Fri, 20 Nov 2009 14:37:34 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-123091 how much money did the government take in 2008? how much money did the government take in 2008?

]]> By: Cody http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-81242 Cody Fri, 01 Aug 2008 14:48:33 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-81242 I am very fearful of the social security status. My mother just recently retired (I will be 36 this year) and I see the difficulties she faces, not only in her ss benefits, but Medicare and the rising cost of living. It upsets me when we finance a war that has cost the US tax payers over $500 billion dollars. Now I don't want to make this into a political argument, I'm simply saying, we are spending over 8 billion dollars a MONTH on this war. Lets take a month or two and replenish (or kick start) the social security program. Lets put the money back into our country and the people. Now of course we need to do this without jeopardizing our troops. Here's a thought, lets bring them home and start reversing this huge expense that we should have never have started in the first place. I am very fearful of the social security status. My mother just recently retired (I will be 36 this year) and I see the difficulties she faces, not only in her ss benefits, but Medicare and the rising cost of living. It upsets me when we finance a war that has cost the US tax payers over $500 billion dollars. Now I don’t want to make this into a political argument, I’m simply saying, we are spending over 8 billion dollars a MONTH on this war. Lets take a month or two and replenish (or kick start) the social security program. Lets put the money back into our country and the people. Now of course we need to do this without jeopardizing our troops. Here’s a thought, lets bring them home and start reversing this huge expense that we should have never have started in the first place.

]]> By: boomerhater http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-62911 boomerhater Fri, 14 Mar 2008 19:43:09 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-62911 You have got to be kidding. Save? I can barely make it on my salary. My 401 is getting killed. My contributions are barely keeping up with my losses. Forget the social security folly, the question must be how much of my 401 k will be there? The damage has alredy been done years ago. A crumbling economic foundation including rising healthcare costs, housing costs and negative real middle class salary growth has been ignored over the past 30 years by all administrations. Why? Reform would hurt the masses. Basic law of society, "why risk all to save a few" has applied. Gen X, we are on our own. You have got to be kidding. Save? I can barely make it on my salary. My 401 is getting killed. My contributions are barely keeping up with my losses. Forget the social security folly, the question must be how much of my 401 k will be there? The damage has alredy been done years ago.

A crumbling economic foundation including rising healthcare costs, housing costs and negative real middle class salary growth has been ignored over the past 30 years by all administrations. Why? Reform would hurt the masses. Basic law of society, “why risk all to save a few” has applied.
Gen X, we are on our own.

]]> By: Minimum Wage http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-21313 Minimum Wage Thu, 30 Aug 2007 16:58:35 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-21313 Re: "those who fail to plan for retirement." I earn minimum wage and started out with student loan debt, and I still have student loan debt. How much do you realistically expect me to save and invest for retirement? Re: “those who fail to plan for retirement.”

I earn minimum wage and started out with student loan debt, and I still have student loan debt.

How much do you realistically expect me to save and invest for retirement?

]]> By: Chief Family Officer http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20853 Chief Family Officer Tue, 28 Aug 2007 04:07:19 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20853 When I was younger (teens and 20's), I would have said there would be *no* SS when I retired. Now that I’m in my 30's, I say there will be some - just nowhere near enough to maintain my lifestyle. When I was younger (teens and 20’s), I would have said there would be *no* SS when I retired. Now that I’m in my 30’s, I say there will be some – just nowhere near enough to maintain my lifestyle.

]]> By: Steve Austin http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20792 Steve Austin Mon, 27 Aug 2007 19:04:22 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20792 We need more MoneyNing's, and full-blown immigrants, to fund future Social Security obligations. Open the gates; they'll work a lot harder than the rest of us day-blogging slackers. ;-) Here is an informative piece by Shiller from a couple of years ago: http://cowles.econ.yale.edu/P/au/d_shiller.htm It specifically analyzes Bush's proposal for private accounts to fix Social Security, but also gives a more general background about what it is exactly that is wrong with the present system. We need more MoneyNing’s, and full-blown immigrants, to fund future Social Security obligations. Open the gates; they’ll work a lot harder than the rest of us day-blogging slackers. ;-)

Here is an informative piece by Shiller from a couple of years ago:

http://cowles.econ.yale.edu/P/au/d_shiller.htm

It specifically analyzes Bush’s proposal for private accounts to fix Social Security, but also gives a more general background about what it is exactly that is wrong with the present system.

]]> By: Roundup for week of 19 August 2007: Prestige Edition at Mighty Bargain Hunter http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20738 Roundup for week of 19 August 2007: Prestige Edition at Mighty Bargain Hunter Mon, 27 Aug 2007 06:08:15 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20738 [...] Generation X Finance takes a poll on the future state of Social Security. [...] [...] Generation X Finance takes a poll on the future state of Social Security. [...]

]]> By: AllFinancialMatters » Blog Archive » JLP’s Weekly Roundup (Week of August 20th, 2007) http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20729 AllFinancialMatters » Blog Archive » JLP’s Weekly Roundup (Week of August 20th, 2007) Mon, 27 Aug 2007 04:11:48 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20729 [...] Finally, Jeremy wants to know your thoughts about Social Security. [...] [...] Finally, Jeremy wants to know your thoughts about Social Security. [...]

]]> By: disavow http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20562 disavow Sat, 25 Aug 2007 23:07:50 +0000 http://genxfinance.com/2007/08/23/poll-what-will-be-the-status-of-social-security-when-you-retire/#comment-20562 Completely ending Social Security would be political suicide. Any attempt would require control of the presidency and Congress with 60 votes in the Senate, or supermajorities in both legislative houses, and the willingness of at least 280 politicians to find new careers when their terms expire. But there's no way the status quo can last without massive tax increases--which may happen in any case. My guess/hope is that we'll eventually shift away from the current Ponzi scheme to government-sponsored private savings accounts, or a hybrid of the two, similar to what the Bush administration proposed last year. That being said, political inertia is bipartisan; almost nothing has changed in 20 years, so it's possible nothing will have changed in the 40 years (I'm 27) until I retire. So although I expect Social Security or some variant to be around, I'm saving and investing like it won't. Completely ending Social Security would be political suicide. Any attempt would require control of the presidency and Congress with 60 votes in the Senate, or supermajorities in both legislative houses, and the willingness of at least 280 politicians to find new careers when their terms expire.

But there’s no way the status quo can last without massive tax increases–which may happen in any case. My guess/hope is that we’ll eventually shift away from the current Ponzi scheme to government-sponsored private savings accounts, or a hybrid of the two, similar to what the Bush administration proposed last year.

That being said, political inertia is bipartisan; almost nothing has changed in 20 years, so it’s possible nothing will have changed in the 40 years (I’m 27) until I retire. So although I expect Social Security or some variant to be around, I’m saving and investing like it won’t.

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